Solomon, Arizona Property Taxes
The median property tax rate in Solomon, AZ is 0.65%, which is lower than the national median of 0.99% but higher than the Arizona state median of 0.56%. With a median home value of $73,750 in Solomon, the typical annual property tax bill is $405, significantly below the national median of $2,690. Property taxes in Solomon are based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Solomon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Solomon or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Solomon, Arizona Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,120
Ownwell’s Solomon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solomon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solomon to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Solomon, Arizona
Property taxes in Solomon, Arizona, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Solomon is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Solomon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solomon estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Solomon's effective property tax rate to other counties in Arizona and the national median. For comparison, the 85551 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Solomon provides valuable insights into the varying tax landscape across Graham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solomon Tax Rate
0.65%
Average Graham County Tax Rate
0.57%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solomon, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85551 | 0.39% | 0.54% | 0.65% | 0.82% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Solomon, Arizona
In Solomon, Arizona, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Graham County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Solomon, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Solomon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 85551 has the highest and lowest median tax bill at $405, reflecting the local property tax landscape.
Average Solomon Assessed Value
$73,750
Average Graham County Assessed Value
$149,866
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solomon, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85551 | $14,984 | $33,900 | $73,750 | $101,961 | $131,683 |
Source: Ownwell
Property Tax Bills Across Solomon, Arizona
In Solomon, located in Graham County, AZ, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor's office and is a percentage of the property's market value. For instance, with a median home price of $73,750, the assessed value is used to calculate the tax bill. The tax rate in Solomon is applied to this assessed value to determine the final tax bill. Various factors influence the tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. Homeowners in Solomon experience a range of tax bills, with the 25th percentile at $209 and the 75th percentile at $640. The highest median tax bill in the area is $405, found in the 85551 zip code. Compared to the national median property tax rate of 0.99%, Solomon's rates offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances effectively.
Average Solomon Tax Bill
$405
Average Graham County Tax Bill
$834
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Solomon, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85551 | $113 | $209 | $405 | $640 | $795 |
Source: Ownwell